| Summary: | I. Executive Summary General and Street Fund revenues at the end of the first quarter of 2009 were significantly below the forecast for the first quarter of 2009. [...] 2008 Forecast 2009 March-09 Expenditures in the General Fund through the end of the first quarter of 2009 totaled $31.3 million, or 23.8% of the budget, in line with the City's historical spending pattern. [...] A total of 22.7% of the departmental budgets in the General Fund has been expended by the end of the quarter. [...] Recent increases in the cost of fuel have negatively impacted the amount of fuel purchased in the state of Washington, therefore lowering the revenue received. [...] • The number and valuation of residential permits further dropped during the first quarter of 2009 to the lowest numbers in the past decade. [...] The total number of houses sold in the first quarter of 2009 was the lowest number for the first First Quarter 2009 Financial Report City of Vancouver 9 This document is proprietary material of ILM Corp. [...] The largest share of the reimbursement requests takes place during the last quarter of the year. [...] Fund Balance • The cash balance represents a snapshot on a particular date, while the fund balance factors in revenues that are anticipated to be received by the end of the year and expenditures that are anticipated to happen through the end of the year. [...] • The undesignated fund balance in the General Fund at the end of 2008 was $16.2 million, (in addition to the General Fund Emergency Reserve of $8.9 million and the capital reserves for art-related projects of $851 thousand). [...] Street Fund • Expenditures in the Street Fund were at $3.7 million, or 23.5% of the budget at the end of the first quarter of 2009.
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